AMERICANS PAY MORE IN TAXES THAN FOOD, CLOTHING AND HOUSING COMBINED

It now takes 46 days for Americans to pay federal, state, and local individual income taxes

The Tax Foundation has released a report ahead of the annual federal income tax deadline next week and the results are startling.

In total Americans will fork over $3.3 trillion to the federal government this year. When state and local taxes are added to this figure, the amount is nearly $5.0 trillion, or more than a third of the nation’s income.

Remarkably, the average American will pay more in taxes than he or she spends on food, clothing and housing combined.

According to the report, it now takes 46 days for Americans to pay federal, state, and local individual income taxes. The tax imposed on payrolls adds 26 days and sales and excise taxes 15 days. Property taxes add 11 days on average and corporate income taxes nine days. The figure is rounded out by inheritance taxes, customs duties, and other taxes that require an additional seven days to pay.

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